A股失守3900点，牛市行情结束了吗？

Market Overview - On November 21, the A-share market experienced a significant adjustment, with all three major indices opening lower and closing down. The Shanghai Composite Index fell 2.45% to 3834.89 points, while the ChiNext Index dropped over 4% [2][3] - A total of 5071 stocks declined, with 107 stocks hitting the daily limit down, contrasting sharply with only 33 stocks reaching the limit up [4] Sector Performance - According to the Wind China Industry Index, only the cultural media sector managed a slight increase of 0.1%, while all other sectors showed declines. The fine chemicals, basic metals, and forestry sectors had the largest drops [5] Global Market Context - The global stock markets also faced declines, with the Nikkei 225 index down 2.40%, the KOSPI index down 3.79%, and the Hang Seng Index down over 2% [8] - The pressure on global markets is attributed to the cooling expectations for a Federal Reserve rate cut in December, following mixed signals from the Fed's recent meeting minutes [9] Long-term Market Outlook - Despite the recent market volatility, analysts believe the foundation of the current slow bull market remains intact. They anticipate that the A-share index has the potential to continue strengthening [12] - The chief economist of Qianhai Kaiyuan Fund, Yang Delong, suggests that the market is likely to transition from a structural bull market to a comprehensive bull market by 2026, which could enhance consumer confidence and drive economic growth [12][13] Investment Strategies - Analysts recommend focusing on three investment themes for the future: technological self-reliance, upgrading industrial foundations, and securing strategic resources [13] - The Chen Guo team from Dongfang Caifu expresses optimism for the Chinese stock market in 2026, highlighting potential areas of outperformance, including corporate earnings and advancements in AI [14]